General Partner Business Plan Resources

Find out what 5 essential components you should include in your business plan and how you can develop it. READ MORE >

• Law firm compensation can come in many forms.
• They can be raises or come in the form of holiday bonuses.
• Still, law firm compensation has changed within the last 15 years.
• Find out now what those changes are.

Summary: Learn more about the history of law firm partner compensation and how partners are compensated in law firms today in this article.

There has been considerable change in law firm partner compensation systems over the past 15 years and two basic systems exist today – subjective systems and lockstep systems – according to a recent white paper. U.S. law firms overwhelmingly use subjective systems in which committees allocate compensation based on a number of factors, the most important of which is client origination. READ MORE >

The following article is only concerned with one aspect of your business plan, and it is by far the single most important aspect of it: your portables. READ MORE >

If you are an attorney with portable business, your business plan is even more important than your resume. When you were an associate, the first thing a potential employer looked at was your resume when deciding whether to give you an interview. Now, the first thing, and sometimes the only thing, they will look at is your business plan. It is absolutely imperative that you create a business plan that represents you accurately and advantageously. READ MORE >

Question: I am a partner who is looking to move to another firm. Can you provide some basic guidance as to how I should estimate my portable business?
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Business Plans Revealed
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Question:

I am a senior associate with some portable business. I am looking for a job in today's market with a straight base compensation, but I find that everyone just wants to talk about my potential portables (which are tentative at best) once they hear that I have some business. Is it impossible to find a normal service role today instead of a rainmaking role at my level? Should I stop mentioning my portables to potential employers, although I think that they do add something to my candidacy? I don't want an eat-what-you-kill compensation structure, but, inevitably, the conversation goes in that direction as soon as ''potential portables'' are mentioned. Help! READ MORE >

I am a recruiter who believes that every candidate (partners and associates alike) should have a game plan. It's like my favorite football team — the USC Trojans. Every week, Pete Carroll and his staff develop a game plan that is tailored to the opponent of the week. It's all about undertaking the proper level of preparation that will eventually lead to success. READ MORE >

Let me get this out of the way: the very best way for an attorney to acquire business is through relationships. This would include family, friends, and family friends. As a young attorney placement recruiter, I placed a visit to the Beverly Hills office of Finley, Kumble, Manley et al. based in NYC. Marshal Manley was the resident partner in charge. I met with him in his beautiful, spacious office there on Wilshire Boulevard in Beverly Hills. His office and his demeanor reminded me of the movie Wall Street with Michael Douglas. During our brief meeting, I said to Mr. Manley: ''Mr. Manley, what does it take for an associate to make partner at your firm?'' Marshal Manley said: ''Ted, tell who his father is!'' READ MORE >

Small and typically more self-aware groups of attorneys are approaching their careers as businesses. Regardless of whether or not they are happy with their current employers, these attorneys focus on their short- and long-term goals to ensure their careers are on course. In essence, these attorneys understand that their careers are indeed businesses, and as such, they have business plans. This article focuses on the methods used by these attorneys and provides some tips on how to make sure you are on the right career path. READ MORE >

Every day, I receive calls from partners who are seeking to transition to new law firms. One of the first questions I ask is whether the partner has the ability to bring with him or her clients or whether there is a strong likelihood he or she will be able to develop business at a new firm via current contacts. READ MORE >

One of the most important steps to successfully making a move as a partner is to prepare a proper business plan that documents what you will bring to the table. As someone with a portable book, the ''flavor'' and quantity of that book plays an important role in maximizing your attractiveness to the firm or firms that you are targeting. This is true both in the early stages of job hunting and later on in the process. Executed properly, this document becomes the ne plus ultra of calling cards. READ MORE >